New York’s Staten Island — Advance Auto Parts has started to reduce the number of its stores after declaring in November that it will eliminate 523 corporate and 204 independent sites as part of a “strategic plan to improve business performance.”
To handle the sale of owned and leased real estate assets in 46 states, including New York, the auto parts store has enlisted Hilco Real Estate, a branch of Hilco Global. Port Richmond and Great Kills are the locations of the company’s two Staten Island outlets.
Over 200 leased and 24 owned properties will be disposed of in the upcoming weeks, according to a public listing on Hilco’s website. March 13 has been designated as the deadline for the first bid. Questions on the condition of the Staten Island sites were not answered by Hilco.
Advance Auto Parts Inc. was established in 1929 and is a well-known supplier of automobile aftermarket parts for both professional installers and do-it-yourselfers. As of October 5, 2024, Advance had 4,781 stores, mostly in the United States, but also in Canada, Puerto Rico, and the U.S. Virgin Islands, according to the company’s website.
Several publications have claimed that the company has been striving to reverse declining sales and bring its business back to profitability. As part of a streamlining of its business strategy, it sold the wholesaler of car parts, Worldpac, to international investment firm Carlyle in November for $1.5 billion.
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